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Riding on the recent technological advancements, the global diabetes devices market is forecast to witness impressive growth. According to a report by Fortune Business Insights, titled “Diabetes Devices Market Size, Share & Industry Analysis, By Device Type (Blood Glucose Monitoring Systems, Treatment), By Distribution Channel (Institutional Sales, Retail Sales), and Regional Forecast, 2019-2026,” the market was valued at USD 20,920.7 Million in 2018. Fortune Business Insights has predicted that the market is likely to reach USD 33,546.9 Million by the end of 2026, thereby exhibiting a CAGR of 6.1% during the forecast period.
Increasing Prevalence of Diabetes to Boost the Market
The increasing prevalence of diabetes has been a leading factor that has contributed to an increase in demand for diabetes devices, across the globe. Additionally, technological advancements in blood glucose monitoring devices have aided the growth of the global diabetes devices market. The advent of minimally invasive devices has led to high demand for diabetes devices and subsequently created a rise in uptake of these devices. Furthermore, insulin delivery devices are a growing cause for the growth of the global diabetes devices market. In recent years, there has been an increase in demand for self-diabetes management systems. This demand has particularly resulted from the adoption of a fast-paced lifestyle. Technological advancements have been the driving force behind diabetes devices. The advent of wearable glucose monitoring devices has contributed to the growth of the global diabetes devices market and is likely to boost the market in the forthcoming years.
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Treatment Devices Accounted for the Maximum Share among Product Types
Among all product types, the treatment devices have accounted for the maximum share. Fortune Business Insights states that treatment devices have accounted for almost 51.8% of the global market share. Advancements in blood glucose monitoring systems such as blood glucose meters and test trips, lancets have aided the growth of this segment. Having said that, the blood glucose meters segment is estimated to establish a relatively high CAGR during the forecast period. The rising uptake of wearable blood glucose monitoring systems has favored the growth of this segment.
Asia Pacific Market to Grow at a Higher CAGR
As of 2018, the diabetes devices market in North America was valued at US$ 8,482.0 Mn. Technological advancements are likely to aid the growth of the regional market. Furthermore, the high prevalence of diabetes and lower cost of insulin delivery devices have favored the diabetes devices market in Europe. The rising uptake of technologically advanced glucose meters and high demand for insulin delivery devices will favor the diabetes devices market in the Asia Pacific. Fortune Business Insights has predicted the diabetes devices market in the Asia Pacific will register a relatively high CAGR during the forecast period.
Some of the leading companies operating in the global diabetes devices market are F. Hoffmann-La Roche Ltd, Tandem Diabetes Care, Inc., B. Braun Melsungen AG, and Medtronic.
The global diabetes devices market is segmented based on:
Value (USD billion)
By Distribution Channel